Question
Calculate the the retained earnings of the company as at December 31, 2019 using given information Account Title Debit Credit Cash $24000 Accounts receivable 11000
Calculate the the retained earnings of the company as at December 31, 2019 using given information
| Account Title | Debit | Credit |
|---|---|---|
| Cash | $24000 | |
| Accounts receivable | 11000 | |
| Prepaid expenses | 4000 | |
| Equipment | 171000 | |
| Building | 100000 | |
| Accounts payable | $30000 | |
| Note payable | 120000 | |
| Share capital | 102000 | |
| Retained earnings | 40000 | |
| Dividends | 22000 | |
| Catering revenue | 96000 | |
| Wage expense | 20000 | |
| Food expense | 14000 | |
| Rent expense | 12000 | |
| Supplies expense | 7000 | |
| Advertising expense | 3000 | |
| Total | $388000 | $388000 |
Step by Step Solution
3.33 Rating (129 Votes )
There are 3 Steps involved in it
Step: 1
From the given information we can see that the Catering revenue f...
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Horngrens Financial And Managerial Accounting The Financial Chapters
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
6th Edition
978-0134486840, 134486838, 134486854, 134486846, 9780134486833, 978-0134486857
